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UPDATE 1-Arris Group to buy C-COR for $730 million

Sun Sep 23, 2007 9:44pm EDT

Stocks

   

NEW YORK, Sept 23 (Reuters) - Communications technology firm Arris Group Inc. (ARRS.O) said on Sunday it will acquire C-COR Inc. CCBL.O for about $730 million in cash and stock to create a provider of equipment and solutions to the cable industry.

Mergers & Acquisitions

Under terms of the deal, each share of C-COR will be converted into the right to receive either $13.75 cash or 0.9642 shares of ARRIS, subject to pro ration.

ARRIS said the price represents a 39 percent premium to the closing price of C-COR stock on Sept. 21, when it closed at $9.88.

Arris and C-COR collectively reported revenues of over $1.2 billion over the past 12 months, Arris said.

"We anticipate that the transaction will improve our financial profile, in particular our gross margins", said David Potts, chief financial officer of Arris.

Mergers & Acquisitions


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